Results Briefing Session for the Six-Month Period

1 Statements made in this document with respect to SQUARE ENIX HOLDINGS CO., LTD. and its consolidated subsidiaries' (together, “SQUARE ENIX GROUP") plans, estimates, strategies and beliefs are forward‐looking statements about the future performance of SQUARE ENIX GROUP. These statements are based on management's assumptions and beliefs in light of information available to it at the time these material were drafted and, therefore, the reader should not place undue reliance on them. Also, the reader should not assume that statements made in this document will remain accurate or operative at a later time. A number of factors could cause actual results to be materially different from and worse than those discussed in forward‐looking statements. Such factors include, but not limited to: 1. changes in economic conditions affecting our operations; 2. fluctuations in currency exchange rates, particularly with respect to the value of the Japanese yen, the U.S. dollar and the Euro; 3. SQUARE ENIX GROUP’s ability to continue to win acceptance of our products and services, which are offered in highly competitive markets characterized by the continuous introduction of new products and services, rapid developments in technology, and subjective and changing consumer preferences; 4. SQUARE ENIX GROUP’s ability to expand international success with a focus on our businesses; and 5. regulatory developments and changes and our ability to respond and adapt to those changes.

The forward‐looking statements regarding earnings contained in these materials were valid at the time these materials were drafted. SQUARE ENIX GROUP assumes no obligation to update or revise any forward‐looking statements, including forecasts or projections, whether as a result of new information, subsequent events or otherwise. The financial information presented in this document is prepared according to generally accepted accounting principles in Japan.

2 Financial Results Six‐Month Period Ended September 30, 2014

3 Financial Results(Consolidated) Six‐Month Period Ended September 30, 2014

(Billions of Yen)

Apr‐Sep 2013 Apr‐Sep 2014 Changes %%

Net Sales 61.7 100% 73.1 100% 11.5

Operating Income 4.7 8% 8.5 12% 3.8

Recurring Income 5.7 9% 8.9 12% 3.3

Net Income 2.6 4% 5.7 8% 3.1

Apr‐Sep 2013 Apr‐Sep 2014 Changes

Depreciation and Amortization 2.9 3.3 0.4

Capital Expenditure 2.5 3.0 0.5

4 Financial Results (Consolidated) by Segment for the Six‐Month Period Ended September 30, 2014

1. Results for the Six‐Month Period Ended September 30, 2014 (Billions of Yen) Digital Eliminations Amusement Publication Merchandising Total Entertainment or unallocated Net Sales 43.8 21.3 6.2 1.9 (0.1) 73.1 Operating Income 7.9 2.4 1.8 0.6 (4.1) 8.5 Operating Margin 18.1% 11.1% 28.8% 31.5% － 11.6%

2. Results for the Six‐Month Period Ended September 30, 2013 (Billions of Yen) Digital Eliminations Amusement Publication Merchandising Total Entertainment or unallocated Net Sales 30.6 25.0 4.6 1.6 (0.2) 61.7 Operating Income 3.5 3.7 1.0 0.4 (3.8) 4.7 Operating Margin 11.3% 14.9% 21.4% 21.7% － 7.6%

3. Changes（1‐2） (Billions of Yen) Digital Eliminations Amusement Publication Merchandising Total Entertainment or unallocated Net Sales 13.1 (3.7) 1.6 0.3 0.1 11.5 Operating Income 4.5 (1.4) 0.8 0.3 (0.3) 3.8

5 Revisions to Consolidated Results Forecasts for the Fiscal Year Ending March 31, 2015

Previous (Billions of Yen) Fiscal Year Fiscal Year Ending 3/15 Changes Ended 3/14 （Forecast） Net Sales 155.0 140.0～150.0 (15.0)～(5.0) Operating Income 10.5 5.0～10.0 (5.5)～(0.5) Recurring Income 12.5 5.0～10.0 (7.5)～(2.5) Net Income 6.6 3.5～6.5 (3.1)～(0.1)

Revised (Billions of Yen) Fiscal Year Fiscal Year Ending 3/15 Changes Ended 3/14 （Forecast） Net Sales 155.0 150.0～160.0 (5.0)～5.0 Operating Income 10.5 11.0～16.0 0.5～5.5 Recurring Income 12.5 11.0～16.0 (1.5)～3.5 Net Income 6.6 7.0～10.5 0.4～3.9

6 Financial Forecasts by Business Segment: Fiscal Year Ending March 31, 2015

Each business segment’s forecast number for the Fiscal Year ending March 31, 2015 corresponds to the intermediate scenario in the forecast range (consolidated net sales of Yen150B‐160B, and consolidated operating income of Yen11B‐16B).

1. Forecast for the Fiscal Year ending March 31, 2015 (Billions of Yen) Digital Eliminations Amusement Publication Merchandising Total Entertainment or unallocated Net Sales 100.0 41.5 10.5 3.0 (0.0) 155.0 Operating Income 14.1 4.0 2.8 1.0 (8.4) 13.5 Operating Margin 14.1% 9.6% 26.7% 33.3% － 8.7%

2. Results for the Fiscal Year ended March 31, 2014 (Billions of Yen) Digital Eliminations Amusement Publication Merchandising Total Entertainment or unallocated Net Sales 94.6 47.0 10.2 3.8 (0.5) 155.0 Operating Income 10.7 4.5 2.3 1.1 (8.1) 10.5 Operating Margin 11.3% 9.6% 22.4% 29.4% － 6.8%

3. Changes (1 ‐ 2) (Billions of Yen) Digital Eliminations Amusement Publication Merchandising Total Entertainment or unallocated Net Sales 5.4 (5.5) 0.3 (0.8) 0.5 (0.0) Operating Income 3.4 (0.5) 0.5 (0.1) (0.3) 3.0

7 Digital Entertainment Segment－Net Sales

(Billions of Yen) ■ HD Games 150.0 ■ Games for Smart Devices/PC browser

■ MMO

About 100.0 100.0 94.6 89.5

71.9 64.2 47.3 55.6

50.0 49.0 43.8 42.1 27.2 14.8

22.7 17.6 12.9 16.1 20.0 9.2 11.1 11.4 0.0 6.8 Apr‐Sep 2015/3 2011/3 2012/3 2013/3 2014/3 2014 (Forecast) Net Sales of Digital Entertainment segment expected to increase for 5 consecutive fiscal years.

8 HD Games: Ratio of Net Sales ‐ Download vs. Package

HD Games : Ratio of Net Sales of Download and Package Games by Region － (Apr Sep 2014) Sales of download games Japan North America Sales of package games Global 17.2% 36.8% 63.2% 82.8%

32.6% Europe 67.4%

36.4% 63.6%

The figures do not include distribution sales of games developed by other companies. 1/3 of net sales in HD games are generated through digital download. 9 9 Progress in Business Segments

10 Digital Entertainment Segment

 New major titles for smart devices released, and more to come.

 Expanding overseas businesses, primarily in Asia; ・Introducing new titles for online and smart devices through business alliance with local partners. ・Introducing “FFXIV: A Realm Reborn” to the mainland China in this summer.

 Reviewing title development policies at domestic and overseas studios to establish extensive and rich pipeline, in order to boost asset turnover and lower risks.

11 Major Titles for Smart Devices

‐ Latest Top Ranking of F2P Game Apps (in Japan)

Top 20+

(alliance with DeNA Co., Ltd.)

Top 50+

Top 100+ ‐ The above information is based on figures from September through October 2014 and other data. Above ranks are unequable and vary constantly.

‐ Several single download games are ranked in the Top 100. ‐ More high‐potential games in development and to be released. © 2014 ARMOR PROJECT/BIRD STUDIO/SQUARE ENIX All Rights Reserved. Developed by Cygames, Inc. ©SQUARE ENIX CO., LTD. ©DeNA Co., Ltd. (C) 2014 SQUARE ENIX CO., LTD. All Rights Reserved. (C)2013, 2014 SQUARE ENIX CO., LTD. All Rights Reserved. (C)TAITO CORP.1994,2014 ©2013 ARMOR PROJECT/BIRD STUDIO/SQUARE ENIX All Rights Reserved. © 2013 佐島勤/ＫＡＤＯＫＡＷＡアスキー・メディアワークス刊/魔法科高校製作委員会 © 2014 SQUARE ENIX CO., LTD. All Rights Reserved. Developed by BeXide,Inc. 12 Overseas Expansion: Centered on the Asia Region

‐ FINAL FANTASY XIV for China released in August 2014 ‐ The very first FF franchise title launched in China. ‐ Adopt a pay‐as‐you‐go model in the Chinese market dominated by F2P → Succeeded in acquiring loyal users of the FF franchise. ‐ Continue a mid‐long term expansion of the FF brand. (alliance with Shanda Games Group) ‐ FINAL FANTASY XIV for Korea scheduled in 2015. Alliance with Actoz Soft of the Shanda Games Group.

‐ Cross Gate (native app version) released in July 2014

(alliance with Perfect World) Retaining strong performance after 3 months from its release.

‐ Puzzle Bobble in China Currently in open beta phase. Launch this winter.

(alliance with Qihoo 360)

Target markets to develop. Markets where we are already doing business.

Online Multiplayer MMO Smart Devices / Arcade

LIVE Games

・・・ (alliance with ・・・DeNA Co., Ltd.) ・・・

Blockbuster ・・・ Games

© 2010 ‐ 2014 SQUARE ENIX CO., LTD. All Rights Reserved. ©2012‐2014 ARMOR PROJECT/BIRD STUDIO/SQUARE ENIX All Rights Reserved. © 2002‐2014 SQUARE ENIX CO., LTD. All Rights Reserved. © 2014 ARMOR PROJECT/BIRD STUDIO/SQUARE ENIX All Rights Reserved. Developed by Cygames, Inc. (C) 2014 SQUARE ENIX CO., LTD. All Rights Reserved. ©SQUARE ENIX CO., LTD. ©DeNA Co., Ltd. NOSGOTH® © 2013 SQUARE ENIX®, LTD, All Rights reserved. TRIAD WARS™ © 2014 Square Enix™, Ltd. All Rights reserved. © 2014 SQUARE ENIX CO., LTD. All Rights Reserved. © SQUARE ENIX CO., LTD. All Rights Reserved. MAIN CHARACTER DESIGN：TETSUYA NOMURA © Disney Developed by SQUARE ENIX Tomb Raider ® Square Enix Ltd. Square Enix and the Square Enix logo are registered trademarks of Square Enix Holdings Co., Ltd. Lara Croft, Tomb Raider, Crystal Dynamics, the Crystal Dynamics logo, Eidos, and the Eidos logo are trademarks of Square Enix Ltd. 15 Establishing Pipeline ‐ Balance Sheet Status (as of 30/9/2014) Total Assets 189.3 Billion Yen * A part of current assets and current liabilities are deducted from the above total asset. Total assets amounted to 218.2 billion yen before the deductions.

Interest‐bearing Liabilities 42.1 Cash and Deposits 114.7 Working 6.3 Capital（＊） Non‐current 6.7 Liabilities

Content Production Account 29.9 Net Assets 134.2 Non‐current Assets 44.6

• Working capital has been calculated by off‐setting current assets (excluding cash deposits and the content production account), against current liabilities (excluding interest‐bearing liabilities). 16 Establishing Pipeline ‐ Breakdown of the Content Production Account Domestic = Build a well‐balanced portfolio and boost asset turnover ratio Overseas = Lower the risks for major titles and work on games for online

Previously Currently

Major titles Major titles Centered on Several Several Major titles traditional HD games Numerous billion yen billion yen Several ↓ studio billion yen Small‐size Produce extensive titles lineup including Major titles Major titles Several arcade games and Midsize Mid‐size hundred Several Several titles titles games for smart million yen Japanese billion yen billion yen 1 billion yen 1 billion yen devices

Major titles Major titles Mid‐size Major titles Lower risks for major Several Several online titles Several 1 billion yen titles through, e.g., billion yen billion yen billion yen studio use of external funds

Keep development Major titles Major titles Major titles Major titles Mid‐size costs for online games Several Several Several Several online titles in the medium range billion yen billion yen 1 billion yen Western billion yen billion yen

17 Establishing Pipeline ‐ Trends in the Content Production Account Balance The content production account = Pipeline for the following fiscal year and beyond. The transformation and enhancement of the pipeline result in increased balance.

(Billions of Yen) 40.0

35.0

30.0

25.0

20.0

15.0 29.9 25 20.6 10.0 18.4 19.9 16 15.8 5.0

0.0 2009/3 2010/3 2011/3 2012/3 2013/3 2014/3 2014/9 A number of high‐potential titles to be launched in the next fiscal year.

18 Amusement Segment ‐ As the result of the increase in the consumption tax rate, among other factors, existing store sales in the 1st half of the fiscal year were 95% YoY, but the results were stable, thanks to the efforts of efficient store operations ‐ Engaging in new initiatives to attract a wide‐range of customers. LEFT 4 DEAD －Survivors－ Zombie survival action game. Scheduled to launch in this winter.

(c) 2014 Valve Corporation. All rights reserved. Valve, the Valve logo, Left 4 Dead and the Left 4 Dead logo are trademarks or registered trademarks of Valve Corporation in the United States and/or other countries. All other trademarks are property of their respective owners. (C)TAITO CORPORATION 2014 ALL RIGHTS RESERVED. 19 19 Publication Segment Growth in the quarterly sales of the digital publication （％） 1400% 1274 1200% The sales in the first quarter of the fiscal year ended March 2013 are shown as an index of 100. 1001 1000% 769 810 800% 562 600% 400 400% 290 200% 100 144 141 0% 2013/3 2014/3 2015/3 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q

TV Animated titles sold well in the first half of this FY Powerful promotion of a media‐mix will continue in the Online comics on “GANGAN ONLINE” second half of this FY “ BARAKAMON ” On “GANGAN JOKER” “ Gugure! Kokkuri‐san”

(C)Satsuki Yoshino/SQUARE ENIX (C)Izumi Tsubaki/SQUARE ENIX

On “GANGAN JOKER” (C)Midori Endo/SQUARE ENIX (come on the air from Oct 2014 )

(C)Takahiro/SQUARE ENIX (C)Tetsuya Tashiro/SQUARE ENIX (C)Matcha Hazuki/SQUARE ENIX

20 20 Cloud‐Gaming

‐ The deployment of cloud gaming technology for “Dragon Quest X” has enhanced from tablets and smartphones to Nintendo 3DS ‐ Schedule to launch “DIVE IN,” a cloud game streaming service, for smartphones and tablets. ‐ SHINRA TECHNOLOGIES, a newly established subsidiary, aiming at cloud gaming technology development.

Sample image. Not actual play screen. © 2012‐2014 ARMOR PROJECT/BIRD STUDIO/SQUARE ENIX All Rights Reserved. Under development. Content and specifications are subject to change without notice. © 2014 SQUARE ENIX CO., LTD. All Rights Reserved Shinra Technologies, Inc. and the Shinra Technologies Logo are registered trademarks or trademarks of the Square Gameplay image quality subject to change with network environment. Enix Group. © 2014 Shinra Technologies, Inc. All Rights Reserved . 21 Appendix

22 Digital Entertainment Segment－HD Games

Release Date Title Platform Region (Scheduled)

Dec 2 (NA) PS3 NA, EU* Dec 5 (EU)

Nov 13 (Subbed Ver.) PS4, Xbox One Dec 4 (Dubbed Ver.） PS3, Xbox 360 JP PC *Only subbed ver. for PC. The release date of dubbed version for Xbox One is TBD

3DS JP Dec 18

PS4, PS3 JP Feb 26, 2015

*“KINGDOM HEARTS HD 2.5 ReMIX” was released in October 2014 in Japan.

© Disney Developed by SQUARE ENIX ©2014 Activision Publishing, Inc. ACTIVISION, CALL OF DUTY, and CALL OF DUTY ADVANCED WARFARE are trademarks of Activision Publishing, Inc. ©2014 SQUARE ENIX CO., LTD. All Rights Reserved. © 2014 ARMOR PROJECT/BIRD STUDIO/KOEI TECMO GAMES/SQUARE ENIX All Rights Reserved. 23 23 Digital Entertainment Segment－HD Games

Release Date Title Platform Region (Scheduled)

Mar 17, 2015 (NA) PS4, Xbox One JP, NA, EU Mar 19, 2015 (JP) Mar 20, 2015 (EU)

PC (Steam) World‐wide Now in CBT

PC World‐wide Now in CBT

©2011 SQUARE ENIX CO., LTD. All Rights Reserved. CHARACTER DESIGN:TETSUYA NOMURA NOSGOTH® © 2013 SQUARE ENIX®, LTD, All Rights reserved. TRIAD WARS™ © 2014 Square Enix™, Ltd. All Rights reserved. 24 24 Digital Entertainment Segment－ Units Sold by Region

(Millions of Units Sold) 2015.3 2011.3 2012.3 2013.3 2014.3 2014.9 Region （Plan）

Japan 6.49 5.58 5.74 4.60 4.30 1.36

N. America 4.74 6.74 6.09 8.20 4.90 2.49

Europe 5.43 5.11 6.91 4.08 4.40 1.46

Asia, etc. 0.19 0.23 0.26 0.34 0.11

Total 16.85 17.66 19.0 17.23 13.60 5.43

(※) Including units held by us as the distributor Not including download 25 25 26